CHANNEL BY TOPICS

QUICK LINKS

Wireless Connectivity

June 21, 2013

FICO Labs Reveals How "Big Bang" of Analytics Is Changing Modern Life

By Rajani Baburajan

TMCnet Contributor

Speech analytics is a strategic maneuver that most companies hope to discover in order to meet the growing demands of customers that tend to change more rapidly in our technology-driven society. CallMiner (News - Alert), a well-known vendor in the speech analytics segment, recently explained how cloud-based recording and voice analytics can improve accuracy and reduce integration costs.

Predictive analytics, on the other hand, is a form of business intelligence that produces a predictive score for each customer or other organizational element. The method optimizes marketing campaigns and website behavior to increase customer responses, conversions and clicks, and to decrease churn.

Now, an infographic from FICO Labs on the growth of predictive analytics shows how a "big bang" effect in predictive analytics is changing modern life.

The infographic illustrates how innovations over the past 70+ years have led to a new era that will revolutionize research and development, touch every type of business, fundamentally change the way individuals make personal decisions, and enable governments to reinvent the way they operate.

According to FICO, predictive analytics is now being used to solve problems that were unsolved previously and bringing enormous value to businesses, governments and people.

Predictive analytics has become one of the make-or-break capabilities for consumer-facing businesses, says Dan Vesset of IDC (News - Alert). “By combining individual-level behavior forecasts with optimization analytics that determine the right action for each context, organizations can create the kind of relevant, positive experience that builds revenue and customer loyalty.”

"Predictive analytics is becoming the defining technology of the early 21st century," said Dr. Andrew Jennings, FICO's chief analytics officer and head of FICO Labs, in a statement. "You can trace the evolution over the past few decades, but we've now reached a tipping point where the convergence of Big Data, cloud computing and analytic technology is leading to massive innovation and market disruption.”

"The Analytics Big Bang (News - Alert)" infographic says the analytics industry is now at an inflection point. Sales of analytics software grew from $11 billion to $35 billion between 2000 and 2012.

The number of data scientist job posts jumped 15,000 percent from 2011 to 2012, according to statistics compiled by global job site Indeed.com. The 2.5 quintillion bytes of so-called Big Data are being created each day, enabling analytics to become more insightful, precise and predictive than at any point in history.